The acquisition of Exactive builds on last year’s purchase of Telsis, as Gamma seeks to become the leading provider of Unified Communications as a Service (UCaaS) in Europe. Exactive is one of a small number of Microsoft Teams Voice Partners operating in the UK. Having previously worked on joint projects with Exactive, Gamma will now own the ability to offer a complete range of services for Microsoft Teams – an area which could prove to be a good source of future revenues. Paying 11.3x EBITDA historical EBITDA, the deal is immediately earnings enhancing. That multiple could fall to 5x targeted 2021 EBITDA if the full contingent consideration is earned. Adding Enterprise sector focused IP and building Gamma’s relationship and accreditation with Microsoft, we see the deal as a useful addition which will enhance the Group’s UCaaS credentials. We make no changes to estimates ahead of the upcoming results and will review our assumptions on organic and acquired growth at that stage.